- Vale set to ramp up copper production in Brazil
- Japan’s exports fall in May amid US tariff impact
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with aluminium increasing by 1.49% to $2,551/tonne (t). Meanwhile, inventories at LME-registered warehouses saw positive trends d-o-d, with lead recording the sharpest gain of 9.10%.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 805,000/t ex-Delhi, stable d-o-d. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 197,000/t and ex-Chennai at INR 198,000/t.
Market updates
Vale advances copper production with Bacaba project
Vale SA (NYSE: VALE) has received a preliminary environmental licence for the Bacaba copper project in Pará, Brazil. Set to produce 50,000 t of copper annually for eight years, the $290 million project is a key part of Vale’s strategy to double its copper output in the next decade.
Japan’s exports fall in May amid US tariffs
Japan’s exports declined for the first time in eight months in May, mainly due to steep drops in auto shipments to the US amid higher tariffs. The downturn has raised concerns over Japan’s fragile economic recovery, with ongoing trade negotiations yet to resolve the tariff dispute between Tokyo and Washington.
US manufacturing output growth slows
US manufacturing output rose just 0.1% in May, falling short of expectations. Gains in motor vehicle and aerospace production were offset by declines in other sectors. The outlook remains uncertain, as tariffs and high input costs continue to weigh on the manufacturing sector, keeping capacity utilisation below its long-term average.
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